Skip to content Skip to Search
Skip navigation

Turkish operator to invest in Saudi airport expansion

By Pramod Kumar
Terminal, Architecture, Building Madinah Airport/X
Prince Mohammad Bin Abdulaziz International Airport served 9.4 million passengers in 2023

Turkish airport operator TAV Airports will invest $71.5 million as part of the $275 million expansion plan for Prince Mohammad bin Abdulaziz International Airport, better known as Madinah Airport, in Saudi Arabia, according to a media report.

The new investment will increase Madinah Airport’s passenger handling capacity to 18 million annually from the existing eight million per year, Daily Sabah, a Turkish news outlet, reported, citing a statement published on the state’s public disclosure platform. 

TAV Airports owns a 26 percent stake in Tibah Development, a joint venture with Saudi Arabia’s Al-Rajhi Holding Company that manages Madinah Airport.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The total investment will be made in two stages: building a new 40,000 sq m domestic terminal and redeveloping the existing terminal to increase passenger capacity.

The expansion will start in the first half of 2024 with completion planned in 2027.

TAV Airports CEO Serkan Kaptan said the company has operated Madinah Airport, the gateway to the Holy Land, with its partner Al-Rajhi Holding for the last 12 years.

He added that passenger traffic is increasing and the expansion will help accommodate growing demand.

Prince Mohammad Bin Abdulaziz International Airport served 9.4 million passengers in 2023, the newspaper said.

The consortium, comprising TAV Airports, started operating Madinah Airport in 2012, as the first airport privatisation project in Saudi Arabia.

Latest articles

Following high-level meetings with President Donald Trump and Vice President JD Vance, a $1.4 trillion, 10-year US investment agreement was reached

UAE commits to $1.4trn investment framework in US

The United Arab Emirates has committed to a 10-year, $1.4 trillion investment framework in the United States after top UAE officials met President Donald Trump this week, a White House official said on Friday. The new framework will “substantially increase the UAE’s existing investments in the US economy” in AI infrastructure, semiconductors, energy and American manufacturing, the […]

2BK5X38 Dubai Gold Souk, United Arab Emirates A shopper studies a display in the gold souk in Dubai. Investors are turning to gold in the face of economic uncertainty

Gold exports to UAE surge on Trump tariff war

Imports of physical gold from Switzerland to the UAE almost doubled month on month in February as investors turned to so-called safe haven assets against the backdrop of US President Donald Trump’s tariff war and diverging global interest rate policies. According to Swiss customs data 3,465kg of the precious metal was imported to the UAE […]

Saudi IPOs Dome International Schools

Five more IPOs approved by Saudi regulator

Five more companies have received approval to sell shares in initial public offerings from Saudi Arabia’s Capital Markets Authority regulator. Already this year three Saudi companies, Derayah Financial, Umm Al Qura and Arab Company for Agricultural and Industrial Investment (Entaj), have raised more than $1 billion in IPOs.  Shares in both Derayah Financial and Entaj […]

Boy, Child, Male. Nord Anglia operates more than 80 schools in 33 countries, educating more than 90,000 students

Dubai Holding is a buyer of UK’s Nord Anglia schools

Dubai Holding, the personal investment portfolio of the ruler of the emirate, is among a group of companies that bought the UK school operator Nord Anglia Education for $14.5 billion. Other investors include the Swedish investment group EQT and Neuberger Berman from the US. Nord Anglia operates more than 80 schools in 33 countries, educating […]

Carbon Engineering Direct Air Capture (DAC) carbon capture plant with the Squamish Chief mountain in the background.

Aramco launches its first carbon capture facility

Saudi Aramco has launched its first facility to remove carbon dioxide (CO2)  from the air in a joint venture with Siemens. This is the company’s first direct air capture (DAC) facility as it seeks to curb CO2 emissions. The facility, a pilot project developed with Siemens Energy, is designed to remove 12 tonnes of CO2 […]

GWM cars on display at the 2024 Malaysia Autoshow. The company will build its facility in Algeria as a JV with an Algerian partner

China’s GWM to build its first car plant in Algeria

Great Wall Motor (GWM), one of China’s 10 biggest car manufacturers, plans to build its first factory in Algeria, joining others in the country including Fiat, Peugeot and Kia. GWM will build the car assembly plant as a joint venture with an Algerian partner, Elkhabar newspaper and other Algerian publications reported, without identifying the partner. A […]

Iran's oil minister Mohsen Paknejad (left). Analysts expect tighter US sanctions to reduce Iranian crude exports by one million bpd

Iran sanctions help push oil prices to second weekly gain

Oil prices rose on Friday and were heading for a second consecutive weekly gain as fresh US sanctions on Iran and the latest output plan from the Opec+ producer group raised expectations of tighter supply. Brent crude futures were up 12 cents, or 0.2 percent, at $72.12 a barrel by 08:50 GMT. US West Texas […]

Eid al-Fitr in Gurugram, India. The travel site Wego said there had been 1.6 million searches recorded on the site for holiday trips over Eid, with India, Pakistan, Egypt, Saudi Arabia, Jordan and Syria popular destinations

People in UAE to take longer Eid al-Fitr breaks this year

UAE residents are increasing the duration of their holiday break over Eid al-Fitr this year as celebrations ending Muslims’ Ramadan month of fasting coincide with the spring break for schools. The length of a typical Eid holiday this year may increase by half, up from an average eight days to 12, according to data supplied […]

A banner with with Istanbul mayor Ekrem İmamoğlu's picture. Turkey's economy has been shaken by his arrest

Turkey central bank rate hike fails to calm nervous markets

Turkey’s central bank has raised its overnight lending rate, a move designed to tighten liquidity and reassure markets it is prepared to intervene in response to financial instability stemming from the arrest this week of a leading political opposition figure. The move has so far failed to settle the markets. The detention of İstanbul mayor Ekram […]

The planned $35 billion expansion of Dubai’s Al Maktoum International Airport could generate work for UK companies

UK pushing for increase in business with UAE

Britain is “very keen” to secure business in the aviation, hospitality and financial services sectors and elsewhere in Dubai and the wider UAE, a UK trade commissioner has told AGBI.  A free trade agreement between the UK and the Gulf Co-operation Council, which includes the UAE, would support these opportunities for British companies, said Sarah […]

Tunisia is facing an increasing refugee crisis as sub-Saharan Africans arrive seeking passage to Europe

Prime minister of Tunisia sacked by president

The president of Tunisia, Kais Saied, has sacked his prime minister, Kamel Maddouri, less than a year after Maddouri’s appointment, as the country’s economy falters and it tries to cope with a worsening flood of migrants from sub-Saharan Africa. Saied named Sara Zaafarani, the minister of equipment and housing since 2021, as Maddouri’s replacement. Zaafarani, […]

Gulf Islamic Investments CEO Mohammed Alhassan says the company wants to double its US assets to $1.5bn within four years

Gulf Islamic Investments makes US expansion a priority

Gulf Islamic Investments, Dubai’s financial services company which has more than $3.5 billion of assets under management, is aiming to more than double the value of its business in the United States.  GII’s US assets total $750 million and include an 80 percent share in ZSpace, a virtual reality education technology company with a market […]